FGB, majority-owned by Abu Dhabi's ruling family, made a net profit of 1.33 billion dirhams ($362.1 million) in the three months to March 31, up from 1.05 billion dirhams in the prior-year period, it said in a statement.

Analysts polled by Reuters on average had forecast FGB would make a quarterly profit of 1.23 billion dirhams.

UAE banks in general have recorded impressive growth in the first quarter, continuing the trend from 2013, as the local economy rebounds from a real estate crash and debt problems at Dubai government-linked entities.